General Needs Loan & Loans to aid emergencies, large costs, or basic requirements

General Needs Loan Overview

The General Needs Loan Program provides interest-free loans as high as $7,500 to lower- and moderate-income residents of the latest York City’s five boroughs, Westchester, or longer Island to simply help fund significant costs that borrowers cannot speak to their resources or even to help bridge a time period of unanticipated earnings loss.

Loan applicants will need to have yearly household that is pre-tax at or underneath the earnings limitations because of their home size.

Loans of $5,000 or less are repayable in installments of $250 per(maximum repayment term of 20 months) month. Loans in excess of $5,000 are repayable in installments of $300 per(maximum repayment term of 25 months) month.

General requires Loans have elegance amount of 90 days before repayments start. Repayments is likely to be made on either the fifth or perhaps the twentieth of every you will select your preference before HFLS disburses your loan month. All loan repayments are designed by electronic debit of the bank account.

Guarantor Information

Guarantor Overview

One guarantor is necessary for many General Needs Loans, as well as the guarantor must finish and signal a Guarantor Form. a couple that is married considered one guarantor; in case a guarantor is hitched, his / her partner also needs to finish and signal the Guarantor Form.

The guarantor and their partner are accountable for the mortgage in case you are not able to fund any explanation.

whom can be a guarantor?

Guarantors must meet the following criteria:

  • Us residents or residents that are permanent residing in NYC’s five boroughs, Westchester, or longer Island
  • Have actually a bank account, good credit, and total household earnings of at the least $30,000 per year
  • Currently employed (HFLS prefers persons who possess worked one or more 12 months inside their current place)

whom is almost certainly not a guarantor?

Even when they meet up with the needs above, the after individuals may maybe not guarantee that loan:

  • Individuals located in the household that is same the debtor
  • People whom currently have an HFLS loan or certainly are a guarantor on an HFLS loan
  • Pulpit Clergy (clergy tend to be expected to ensure for their high exposure inside their community; this rule, consequently, exists due to their own security)
  • Individuals that are not able to repay the mortgage

Loan Documents & Interview

exactly what papers must a submit that is applicant HFLS?

The documents listed here are required for the General Needs Loan. After you have finished or collected all the documents below and have now all necessary signatures, contact the HFLS workplace at Loan HFLS to schedule that loan meeting, which is conducted via phone or video clip (Zoom) call. Please submit listed here papers to HFLS just before your meeting, either uploaded with your online application or emailed to Loan HFLS .

Through the debtor:

  • Application for the loan, completed and signed by the applicant (and their partner, if they’re hitched). You may use online or install a PDF form in the bottom with this web page.
  • Copies of government-issued picture IDs offering signatures and act as proof of target for the applicant and their spouse (age.g. driver’s permit). In the event that driver’s permit will not include the applicant’s current address, HFLS will demand evidence of residency (age.g. a software application bill or account declaration).
  • Voided check, bank checking account declaration, or bank document which includes the applicant’s title, the lender title, the bank checking account quantity, and also the number that is routing.

Through the guarantors (guarantors might want to send these documents right to HFLS):

  • Guarantor Form, finished by the guarantor and information that is including their partner, if they’re hitched. Guarantors will get a contact with a hyperlink into the guarantor kind once you distribute your loan application on line. Should your guarantor requires a copy that is hard, please e-mail Loan HFLS to request one.)
  • Copies of government-issued picture IDs including signatures for the guarantor and their spouse, if they are hitched (e.g. driver’s license or U.S. passport).

Failure to submit these papers will postpone the processing of one’s application.

What’s The Loan Interview?

After you have gathered most of the papers above, please e-mail Loan HFLS to schedule your 10-15 minute loan interview by having an HFLS Loan Officer, which is carried out by phone or video call (Zoom). Loan interviews should be planned ahead of time and that can mondays take place through Thursdays between 9 am and 5 pm.

Please submit the papers in the list above to HFLS ahead of the loan meeting in order to prevent delays in processing the application. Through the meeting, an HFLS Loan Officer will review the job along with other necessary documents you have about HFLS and the rest of the loan application process (described below) with you, ask any relevant questions, determine whether any additional information is needed, and answer any questions.